Min says that seismic work will begin on gas fields shared between Trinidad and Venezuela.

Stuart Young, Trinidad and Tobago's energy minister, said on Facebook on Friday that seismic work is expected to begin in the next few days at the offshore gas fields shared between Venezuela and Trinidad and Tobago.

Venezuela issued a license in July allowing for the development of the Cocuina Field, its side of reservoir. In early 2014, the U.S. also approved this project. It will be developed by Britain’s BP and Trinidad’s National Gas Company.

Cocuina and Manakin, whose Venezuelan part belongs to the Plataforma Deltana offshore gas project, which is currently idle, have 1 trillion cubic feet in proven reserves of gas.

Young, citing a marine advisor notice from BP, said that the vessel PXGEO2 along with two supporting vessels will conduct a 3D seismological survey at a portion on the Manakin Field next month.

Venezuela's gas reserves, which are largely untapped, have in recent years increased offers to foreign companies for offshore gas projects. However, progress is slow due to U.S. sanction and the massive need for investments.

Preparations for an offshore gas project in Trinidad, the 4 tcf Dragon field, to be operated jointly by Shell and NGC have advanced this year. The first production is expected to begin late in 2025. (Reporting and editing by Gary McWilliams, Jan Harvey and Marianna Pararaga)

(source: Reuters)